'Ras al Khaimah Oil Agreement' [‎7r] (13/20)

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'iHie Cor.ipany shall keep full and correct records of all ueasurevents
as aforesaid and the said representative of the Shaikh shall have access
at all reasonable tines to such records and simll be at liberty to ;.if.ke
extracts frou them Such records shall be treated as confidential by the
Shaikh and his representative#
ARTICLE 17 (a) The Ccepany shall have the right at any tiue after
the expi^ of three years frox.i the date of signature of this ^grecuent
to give the Shaikh six months’ notice in '..xiting of its intention to
terminate this Agreement and this Agreement shall absolutely determine
on the date fixed for such ten.dnation in such notice#
(b) If such notice be given not later than 30 years after the date
of such signature the Company shall be entitled on such determination to
remove free of all taxes and duties all plant buildings stores material
' a ncl property of every sort provided that for a period three months froi 1
the receipt of such notice the Shaikh i.iay purchase - should he so desire -
the sane at a price equal to the replacement value at that date less
depreciation which price shall be agreed or failing agreement settled
under Article 24 hereof#
(c) If such notice be given later than 30 years after the date of
such signature all the property aforesaid shall become the property of
the Shaikh free of all cost.
ARTICLE 18# On the expiry of tnis Agreement at the end of the period
of eventy-five Years provided in in’tide 2 or any extension or renewal
01 that period all the movable and im..ovabie property of the Company in
the State shall be handed over, to the- Shaikh free cf cost* Producing
■wells or borings at the tine of such expiry shall be handed over in
reasonably good order and repair#
ARTICLE 19# Subject to the provisions of Article 22 hereof the
Shaikh shall have the right to terminate this Agreement and to -cake
without payment all the property of the Company in the State if
(a) The Company shall fail to make any of the payments prescribed
in this Agreement within 6 months of the (Late on which they
fall due, or
(b) The Company shall be in default in respect of an arbitration
award under Article 24 hereof*
ARTICLE 20# Nothing in this Agreement shall bo read as
restricting in any way the right of the Shaikh to grant to other
parties concessions or permits for materials other than the Substances
as defined in Article 3 prodded that the operations and rights of the
Company hereunder are not thereby injuriously affected#
If the Shaikh should a£ any date subsequent to the date of i
signature of this Agreement grant to any other parties concessions or
permits as aforesaid tue shaikh undertakes that suou concessions shall
contain provisions requiring the holders thereof to abstain fra.:
damaging, impeding or interfering with the property, operations and
interests of the Company#
Deposits of minerals such as gold, silver, copper, lead, potash,
sulphur and salt or the like which may be diouuverea oy the Company sha31
be reported to the Shaikh and. shall not be \/orked by the Compary except
under special concession or permit from the Shaikh.
Further the Company shall instruct Geologists to mark carefully
and report to the Campary ary area and its location which appears to
them 'to give promise of yielding minerals or fresh water from a bore
hole and the comptuy unaertuKes to keep the Shaikh informed of all
such minerals and water reports and the sites of the area or areas*